Consumer Reports has come out with its annual list of the best and worst credit cards in the industry. Not surprisingly, USAA, which has been covered with articles about the Platinum Total Rewards Mastercard and the American Express Rewards Card scores highest among the card issuers. Another high scorer is the Navy Federal Credit Union, and the Cabela’s and Nordstrom’s store cards fared well too.
On the wrong side of the ledger sat Direct Merchants and Providian, mainly because of high interest rates and high fees, with both of them charging an average of 17% interest (and a higher APR). The biggest complaint about Providian was a combination of unannounced interest rate hikes and an outdated billing system that prevented customers from getting bills in time to avoid late payment fees and paying interest.
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